Suplay冲击港股“卡牌第一股”

Core Viewpoint - Suplay, a domestic collectible non-battle card company, has submitted its prospectus to the Hong Kong Stock Exchange, revealing a significant reliance on third-party IP for revenue generation, with its own IP contribution declining sharply over the years [3][6][7]. Group 1: Company Overview - Suplay is primarily focused on the collectible card market, targeting adult consumers with a differentiated product strategy centered around non-sports IP [3][5]. - The company has a diverse product range that includes cards based on popular IPs such as "Game of Thrones," "Friends," and "Harry Potter," with prices ranging from 10 to 70 yuan [4]. - As of the first three quarters of 2025, Suplay's collectible business accounted for 70% of total revenue, while consumer products made up the remaining 30% [5]. Group 2: Financial Performance - Suplay's revenue increased from 146 million yuan in 2023 to 281 million yuan in 2024, representing a year-on-year growth of 92.5%. By the first three quarters of 2025, revenue reached 283 million yuan, surpassing the total for 2024 [5]. - The company's inventory impairment has surged, with amounts recorded at 8.8 million yuan, 23.3 million yuan, and 36.3 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [5]. Group 3: IP Dependency - Suplay's revenue heavily relies on third-party licensed IP, with sales from licensed IP products accounting for 54.2%, 85.1%, and 95.0% of total revenue from 2023 to the first three quarters of 2025 [7]. - The company has established licensing agreements with 22 IP licensors, but most agreements are non-exclusive, allowing licensors to grant rights to multiple companies, including competitors [7]. - The contribution of Suplay's own IP to total revenue has been declining, with figures of 40.6%, 14.4%, and 4.1% from 2023 to the first three quarters of 2025 [6].